CarProof shows off valuation tool, strategic vision

CarProof says 2015 will be a big year.

The London, Ontario-based firm said it provided insight into the company's vision and strategy for 2015 during a three-day client advisory board meeting last week in Muskoka, Ont.

And while CarProof's commitment to adding more value to customers by becoming a multi-product, multi-vertical force in the automotive sector is turned heads, its announcement of a vehicle valuation tool anchored in using actual retail and wholesale transaction data to provide VIN-specific analysis was certainly the biggest news revealed.

“This critical data is information that until now hasn't been available and will completely change the way vehicles are valued and ultimately bought and sold in Canada,” the company said in a release.

In addition, CarProof officially announced the acquisition of Canadian Red Book – news first reported by Canadian AutoWorld in late June – the leading valuation brand in the government and insurance verticals.

Paul Antony, President and CEO of CarProof said the plan is to materially expand the Canadian Red Book solution over the next year.

“What really matters in vehicle valuation is what cars are selling for and we have that data,” Antony added.

“We're entering into valuation because of the significant gaps in accuracy that exist right now. It's a natural extension for CarProof and we're approaching it from the same angle as we do our vehicle history reports - we want to use real transactional data to produce the most accurate and comprehensive valuation tool available in Canada.”

Meeting attendees included key dealer, auction, corporate, lender and insurance partners.